Youdao director files initial ownership report

Youdao, Inc. director Shum Heung Yeung has filed an initial ownership report detailing equity holdings in the company.

Rhea-AI Filing Summary

Youdao, Inc. director Shum Heung Yeung has filed an initial ownership report detailing equity holdings in the company. The filing shows direct ownership of 46,221 Class A Ordinary Shares, plus 14,552 Restricted Share Units that were granted on May 30, 2025 and are scheduled to vest on June 1, 2026.

He also holds three fully vested option awards over Class A Ordinary Shares, covering 4,000, 3,997 and 13,201 underlying shares, granted in 2020, 2021 and 2022 with expirations in 2027 and 2028. These entries describe existing positions rather than new market purchases or sales.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider Shum Heung Yeung

Role Director

Type	Security	Shares	Price	Value
holding	Option	--	--	--
holding	Option	--	--	--
holding	Option	--	--	--
holding	Class A Ordinary Shares	--	--	--
holding	Restricted Share Unit	--	--	--

Holdings After Transaction: Option — 21,198 contracts (Direct); Class A Ordinary Shares — 46,221 shares (Direct); Restricted Share Unit — 14,552 shares (Direct)

Footnotes (5)

1. F1. in the form of American Depositary Shares
2. F2. This time-based RSU award was granted on May 30, 2025, with no expiration date, subject to the terms and conditions of the underlying award agreement. All the shares scheduled to vest on June 1, 2026, with no exercise price.
3. F3. This Option award was granted on February 25, 2020, expiring on February 26, 2027, with the exercise price of $4.0 per share. All the award has been vested.
4. F4. This Option award was granted on January 25, 2021, expiring on January 26, 2027, with the exercise price of $4.5 per share. All the award has been vested.
5. F5. This Option award was granted on January 18, 2022, expiring on January 18, 2028, with the exercise price of $4.5 per share. All the award has been vested.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What equity holdings does Shum Heung Yeung report in Youdao (DAO) on this Form 3?

The Form 3 shows direct ownership of 46,221 Class A Ordinary Shares, plus 14,552 Restricted Share Units. It also lists three fully vested option awards over 4,000, 3,997 and 13,201 underlying Class A shares.

Are there any buy or sell transactions reported for Youdao (DAO) in this Form 3?

No new buy or sell transactions are reported. Form 3 is an initial statement of beneficial ownership, and the entries here simply list existing shares, options and RSUs held by the reporting director as of the filing date.

What option awards for Youdao (DAO) shares does the director hold according to this Form 3?

The director holds three fully vested option awards over Youdao Class A Ordinary Shares, covering 4,000, 3,997 and 13,201 underlying shares, granted in 2020, 2021 and 2022, with expirations in 2027 and 2028.

What are the key details of the Restricted Share Units reported for Youdao (DAO)?

The filing shows a time-based RSU award of 14,552 units granted on May 30, 2025. According to the disclosure, all these RSUs are scheduled to vest on June 1, 2026, subject to the terms of the underlying award agreement.

What is the purpose of this Youdao (DAO) Form 3 by director Shum Heung Yeung?

This Form 3 serves as an initial statement of beneficial ownership for a company insider. It establishes the director’s starting positions in Youdao equity, including common shares, options and RSUs, rather than reporting new trading activity in the stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/18/2026 - 08:32 PM Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Shum Heung Yeung

(Last) (First) (Middle)

16D WOODBURY COURT

DISCOVERY BAY

(Street)

HONGKONG HONG KONG HK

(City) (State) (Zip)

HONG KONG

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Youdao, Inc. [ DAO ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Ordinary Shares(1)	46,221	D
Restricted Share Unit(2)	14,552	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option(3)	(3)	(3)	Class A Ordinary Shares	4,000	(3)	D
Option(4)	(4)	(4)	Class A Ordinary Shares	3,997	(4)	D
Option(5)	(5)	(5)	Class A Ordinary Shares	13,201	(5)	D

Explanation of Responses:

1. in the form of American Depositary Shares

2. This time-based RSU award was granted on May 30, 2025, with no expiration date, subject to the terms and conditions of the underlying award agreement. All the shares scheduled to vest on June 1, 2026, with no exercise price.

3. This Option award was granted on February 25, 2020, expiring on February 26, 2027, with the exercise price of $4.0 per share. All the award has been vested.

4. This Option award was granted on January 25, 2021, expiring on January 26, 2027, with the exercise price of $4.5 per share. All the award has been vested.

5. This Option award was granted on January 18, 2022, expiring on January 18, 2028, with the exercise price of $4.5 per share. All the award has been vested.

Remarks:

Exhibit 24.1 - Power of Attorney

	/s/Liting Ren, as Attorney-in-Fact for Shum Heung Yeung	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)